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The advent of blockchain technology and cryptocurrencies has created a spur amongst the technology enthusiasts. Opening the gates for creating highly diverse ecosystems, applications, and new earning opportunities, Bitcoin mining has always been in the spotlight of the crypto world.

By mining cryptocurrencies, we mean the computational power, time & effort that a miner invests to ‘Mine’ a particular coin. This computing/processing power is pooled by ‘miners’ (who are otherwise individuals operating powerful computers). These miners operate a single or multiple powerful processors (known as ‘mining rigs’) that work on the network to solve complex transactional problems.

Mining is the most crucial and responsible part of any blockchain-based network, in which the consensus algorithm is Proof of Work (PoW).From a mathematical point of view, it is a process responsible for finding a number that satisfies a complicated mathematical equation. Miners are working independent on this solution, they compete with each to be first who solves this equation. The winner receives the newly generated FuturoCoin in the amount of 6.6590563 FTO. The same amount is awarded to masternodes for carrying out their assigned tasks.

First of all, you need to understand unlike fiat currency like Dollars or Rupees, no central bank can issue new Bitcoins out of thin air. There is a fixed mechanism to earn bitcoin, called mining.

Bitcoin is a cryptocurrency which is used for peer to peer transactions. Now all these transactions are recorded in a ledger. These transactions are encrypted into numbers and digits. For the ledgers to be updated with a transaction, it needs to be first decoded. Only after a certain number of confirmations, a transaction is approved in the Bitcoin Blockchain.

Money was created through the government and they decide to send through the bank. The bitcoin is a virtual coin or decentralized system created by the bitcoin miner. The miners used special software to solve the mathematical problem to get new bitcoins.

I'm going to mine but a new cryptocurrency like FUTUROCOIN. Do you have any experience with this coin? Until now, I was only thinking about trading but I watched the video on their youtube profile and now I think about mining. Any advice for the rookie?